A license for a Germany Payment Service Provider (PSP) is issued by the Federal Financial Supervisory Authority also known as BaFIN, the Financial Services Regulator of Germany. The licenses are issued under the Payment Services Supervision Act also called the Zahlungsdiensteaufsichtsgesetz. This act modified the existing legislation on the subject and updated it according to the latest directive of the European Union (EU).
Germany Payment Service Provider (PSP) License
As the largest and arguably the most stable economy of the Euro Zone, Germany provides large opportunities for businesses willing to operate in the country. It has a business-friendly environment and a matured market with growth opportunities for all businesses wishing to operate in the country.
Germany PSP License Costs
The fee for an application for a license varies on a case to case basis. However, considering that it is one of the most sought after licenses in the EU, it can be a valuable investment for any business.
Empire Global has a team of experienced professionals who will assist you through the entire process of Germany PSP License application including assistance in the preparation of documents, submission of application and responding to any queries from the BaFIN. We request you to get in touch with Empire Global at the earliest to understand the entire process in detail and apply for a Germany PSP License.
How can I get a Germany PSP License?
An application for a Germany Payment Service Provider has to be made to BaFIN. The application has to be made with all requisite documents and on completion of the requirements prescribed by BaFIN.
Germany PSP License Requirements?
An application for a Germany PSP License is a well drawn out process and it is highly recommended that you obtain the services of a Germany PSP attorney for the process. The application for a Germany PSP License has to fulfill the following requirements:
- The applicant has to complete the necessary registration requirements for business in Germany
- Detailed information on the company and the shareholders
- Internal policies including management policies for the business and Anti-money laundering and Anti-terrorist funding policies
- Fulfillment of own funds for the business as per the European Banking Authority guidelines
- Adequate Capital as per the guidelines (minimum EUR 50,000)
- Insurance coverage to deal with any liabilities arising from the business
- Tax registration
The BaFIN may, however, seek more documents on a case to case basis. A German PSP License is a highly valued asset and may help you expand to many more EU countries. In fact, as an EU member, a license from Germany would enable you to run your operations across the European Union subject to completion of local registration requirements in other countries.